Oil prices little changed, on track for third straight weekly gain

Shafaq News/ Oil prices were little changed on Friday, on track for a third consecutive weekly rise, but demand concerns stemming from surging coronavirus cases and renewed lockdowns in several countries capped gains.

Prospects of an effective COVID-19 vaccine and hopes that OPEC and its allies will keep production in check have bolstered oil markets this week.

The last updated data by Reuters at 0730 GMT showed,

Brent crude LCOc1 futures were up 2 cents, or 0.05% at $44.22 a barrel.

The more active U.S. West Texas Intermediate (WTI) January crude contract CLc2 dipped 4 cents to $41.86 a barrel. The WTI contract for December CLc1, which expires on Friday, was down 3 cents at $41.71 per barrel.

Both benchmarks are up over 3% so far this week, the slimmest weekly gains in the last three weeks.

The oil markets have trimmed their weekly gains “as virus surge throws a wet blanket over vaccine optimism,” said Stephen Innes, chief global market strategist at Axi.

OPEC+, a grouping that includes the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, will discuss its output policy at a meeting on Nov. 30 and Dec. 1.